Vienna, Feb 3, IRNA - Iran on Friday formally offered 17 new onshore and offshore oil blocks for development by foreign investors.
A two-day meeting was held in Vienna attended by over 200 representatives of various international companies active in the field of oil inviting these companies to sign deals for exploration of Iran's onshore and offshore oil blocks.
National Iranian Oil Company (NIOC) Managing Director Gholam Hossein Nozari told IRNA that his company pursues various avenues for implementing its projects and that award of contracts for exploration and development of oil reserves is one of these.
He said foreign oil companies warmly welcomed the opportunity to participate in Iran's oil development projects, and noted that the meeting was attended by representatives of various companies of foreign countries.
Nozari further said that the NIOC needs a 500-million-euro investment for implementation of its projects and that companies which sign deals for exploration of Iran's oil blocks will also be responsible for their development.
He said certain amendments have been introduced in rules and regulations governing buy-back contracts which will preserve Iran's interests and reduce risks from deals with foreign contractors.
Asked about the effect of US pressure on countries doing business with Iran, the NIOC head said that the fact that representatives of more than 59 international oil companies attended the meeting in Vienna was a sure sign companies do not cower to US pressure.
In response to a question on the oil deal with Shell, he said that the big contract which it signed with Tehran commits it to fulfill its promises.
Referring to the good market for liquefied natural gas (LNG), he said Shell should not lose the opportunity that has been opened to it.
Last week, the British Royal Dutch Shell and Spanish Repsol YPF SA signed a preliminary agreement, valued at USD 10 million, with Iran for development of Phases 12 and 13 of South Pars in another of the country's multibillion dollar LNG projects.
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